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Business Bank Accounts

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Hi Alex, thanks for your reply. I'll look into CLY bank.


I guess my question should have been, do you need to have a business bank account? Why not open a simple personal account and just have all property finances directed through them?


Where do you practice dentistry out of interest Alex?

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Hi Doctor K,


My wife and I use a normal joint account with HSBC. This is separate to our domestic joint account for our household.


We did waste some time initially speaking to the HSBC business account people who wanted to see partnership agreements, etc, etc, that we don't have for our BTL venture.


Technically I don't think they like it, but we hinted we would move all our accounts elsewhere.

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HSBC want nearly 2 weeks to open a Business account!


I find this absolutely absurd, considering I've already have another business bank account and  2 premium accounts with them.

Happy to move all of my business to another bank now - HSBC have let me down far too many times now....

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If the account is needed for an SPV there is a shed load of red tape they have to go through regarding all the source of funds etc. Following on from the huge amounts of cash that have come into this country for property. Two weeks sounds reasonable sadly. I had an account take 5 months, although it was where the shareholders were off shore trustees...nightmare

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  • 2 weeks later...

I just opened one with HSBC and it took about 6 weeks due to all the faffing about. If buying in a limited company it's better and maybe even necessary to have one. I just exchanged on a property and the lawyers wouldn't accept the deposit from my personal account so I had to wait until the business one was open.

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  • 1 month later...

I've recently set one up with Nattiest with their Direct Business Banking and they were pretty efficient. However it's going over to a new (old name) bank called William & Glynn but shouldn't affect anything as all under RBS.


They were quite good except that I also opened a Client Money Account as well as a business account and the terms and conditions basically said that the money wasn't ring-fenced in the client account and should i owe money on the business account then they could dip their hands into the client account (kind of defeats the point). However they happily wrote a letter negating that clause to my client money protection scheme when asked.


Good luck. I was a natwest personal account customer so that helped.

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Having done some research recently I discovered there are a number of online guides.  I found the one from MoneySavingExpert.com quick, easy and accessible.


The interest from Santander seems interesting when storing a deposit with the company but will it last?


Clearly allowing enough time seems to be the main matter of concern.



The Nottingham Meetup takes place on the first Thursday of every month, find out more here

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